Overview of Portfolio Actions & Vote

Proposals to BUY: 54 CBOE, at the Market

  • 5-Year fair value per share around $207 (148% ROI)

37 CME, at the Market.

  • 5-Year fair value per share around $422 (153% ROI)

Sell:

BRK.B - Berkshire hathaway - all held, at the market NKE - - all held, at the market

Reasons: BRK.B - Not innovative, Not a good time for insurance ,Big polluter, Warren buffet will die soon

Reasons: NKE - We want to sell nike because it has more than doubled since we bought it, we figure the cash is more useful for rebalancing and the stock has far surpassed our fair value appraisals.

Vote: Yes: 4 No: 1 Abstain: 1

The club APPROVES the above portfolio actions

PART 1: Report

Business Description

CME Group: CME Group Inc. is a global markets company. It is the world's largest financial derivatives exchange, and trades in asset classes that include agricultural products, currencies, energy, interest rates, metals, and stock indexes. (wikipedia)

CBOE Group: The Chicago Board Options Exchange (CBOE), located at 400 South LaSalle Street in Chicago, is the largest U.S. options exchange with annual trading volume that hovered around 1.27 billion contracts at the end of 2014.[1] CBOE offers options on over 2,200 companies, 22 stock indices, and 140 exchange-traded funds (ETFs).

Industry Overview & Competitive Positioning

Companies in the exchange services industry facilitate market making operations for their constituents. Companies within this sub-industry normally own a number of exchanges that list a wide variety of investment vehicles. Some of these more traditional products are things like US Equities, corporate bonds, and government notes. Exchanges also tend to list products that help investors gain exposure to the broader capital structure. This could be index futures, options contracts, commodity and sector-specific ETFs, ect.

Operating an exchange requires immense upfront costs, and the market structure of the sector generally resembles some form of oligarchy. CME has a large degree of pricing and monopoly power when it comes to futures markets, while CBOE has the cost advantage in the options market. Together these firms have an effective monopoly on the supply of speculation tools to stock market investors. Oftentimes these products are vital to hedging portfolios, a sort of insurance strategy that many employ in an attempt to curtail and control risk.

Investment Summary

CBOE and CME would help lower the general volatility in our holdings. A beta value that is less than 1.0 means that the security is theoretically less volatile than the market. Our portfolio average beta is around 1, so while we do not have more volatile returns than the index, the addition of these firms might help stabilize our returns in the future.

CBOE and CME can battle cyclicality by making money when equities perform poorly. These companies make money by existing where money flows between buyers and sellers, and their toplines are a function of how much trading is going on which is less directly tied to credit market risk than other financial institution balance sheets. This provides nice cyclical protection since the broader market might be selling off, but during periods of large declines, or increased volatility, we tend to see more volume (more shares being bought and sold in total in a given period).

CBOE and CME would increase our financial services exposure without being tied to a bank. Although the contraction from the coronavirus shock may continue to weigh on economic growth, and a double dip or more prolonged contraction is in the cards, we think financial services are a staple to the domestic economy, especially companies that exist at the intersect of markets and technology, and will continue to find opportunities for growth over the course of the next expansion.

Investment Risks

Because CME & CBOE rely on the liquidity of the counterparty's in the transactions they facilitate, if investors are illiquid, there will likely be less commissions to collect.

CBOE has a high PEG ratio (how expensive a stock is relative to its expected earnings growth) which might indicate that it is not growing its earnings enough to justify recent price increases.

CME & CBOE have also seen declining market shares in recent years as technology lowers the barriers to entry for new clearing houses, however due to the dominance and institutionalization of contracts like Eminis (CME) and Bitcoin futures (CBOE), we believe that these companies will generally have the upper hand in implementing innovations and novel products.

Corporate Governance & Sustainability

CME boasts that their corporate governance values are ethical and responsible. There are fair workers rights for all members and stakeholders. CBOE offers committee transparency by releasing press reports that include its own sources to improve investor relations.

CME ESG Risk : 15 on Yahoo Finance - 7th Percentile of all stocks

CBOE ESG Risk: 20 - 25h Percentline

Valuation

Our scenario analysis implies that as long as revenues grow at least by 6% per year, we will see lofty returns on investment.

Firm Value/Share ($) Equity Value/Share ($) SR CAGR LR CAGR Implied ROI (%) Annual Growth Rate (%)
1 516.724 148.765 0.01 0.01 -10.9669 1.00000
2 550.458 158.478 0.0232019 0.01 -5.15436 2.32019
3 585.955 168.697 0.0364038 0.01 0.961865 3.64038
4 623.283 179.444 0.0496057 0.01 7.39363 4.96057
5 662.513 190.738 0.0628076 0.01 14.1531 6.28076
6 703.717 202.601 0.0760095 0.01 21.2526 7.60095
7 746.969 215.053 0.0892114 0.01 28.705 8.92114
8 792.344 228.117 0.102413 0.01 36.5234 10.24133
9 839.921 241.814 0.115615 0.01 44.721 11.56152
10 889.78 256.169 0.128817 0.01 53.3117 12.88171
11 942 271.203 0.142019 0.01 62.3095 14.20190
12 996.666 286.941 0.155221 0.01 71.7287 15.52209
13 1053.86 303.409 0.168423 0.01 81.584 16.84228
14 1113.68 320.63 0.181625 0.01 91.8905 18.16247
15 1176.2 338.631 0.194827 0.01 102.664 19.48266
16 1241.53 357.437 0.208029 0.01 113.919 20.80285
17 1309.74 377.076 0.22123 0.01 125.673 22.12304
18 1380.95 397.576 0.234432 0.01 137.941 23.44323
19 1455.23 418.964 0.247634 0.01 150.741 24.76342
20 1532.71 441.268 0.260836 0.01 164.09 26.08361
21 1613.47 464.519 0.274038 0.01 178.005 27.40380
22 1697.62 488.746 0.28724 0.01 192.505 28.72399
23 1785.26 513.98 0.300442 0.01 207.607 30.04418
24 1876.52 540.251 0.313644 0.01 223.329 31.36437
25 1971.48 567.592 0.326846 0.01 239.692 32.68456
26 2070.28 596.035 0.340048 0.01 256.715 34.00475
27 2173.01 625.613 0.353249 0.01 274.417 35.32494
28 2279.81 656.359 0.366451 0.01 292.818 36.64513
29 2390.78 688.309 0.379653 0.01 311.939 37.96532
30 2506.06 721.497 0.392855 0.01 331.802 39.28551
31 2625.76 755.959 0.406057 0.01 352.426 40.60570
32 2750.01 791.732 0.419259 0.01 373.836 41.92589
33 2878.95 828.852 0.432461 0.01 396.051 43.24608
34 3012.69 867.357 0.445663 0.01 419.096 44.56627
35 3151.38 907.286 0.458865 0.01 442.993 45.88646
36 3295.15 948.678 0.472067 0.01 467.765 47.20665
37 3444.15 991.574 0.485268 0.01 493.437 48.52684
38 3598.5 1036.01 0.49847 0.01 520.033 49.84703
39 3758.36 1082.04 0.511672 0.01 547.577 51.16722
40 3923.87 1129.69 0.524874 0.01 576.095 52.48741
41 4095.18 1179.01 0.538076 0.01 605.613 53.80760
42 4272.45 1230.04 0.551278 0.01 636.156 55.12779
43 4455.82 1282.84 0.56448 0.01 667.751 56.44798
44 4645.45 1337.43 0.577682 0.01 700.426 57.76817
45 4841.51 1393.88 0.590884 0.01 734.207 59.08836
46 5044.15 1452.22 0.604085 0.01 769.122 60.40855
47 5253.54 1512.5 0.617287 0.01 805.2 61.72874
48 5469.84 1574.77 0.630489 0.01 842.47 63.04893
49 5693.23 1639.09 0.643691 0.01 880.961 64.36912
50 5923.88 1705.49 0.656893 0.01 920.703 65.68931

Avg income growth is around 18% while avg free cash flow growth has been much higher, we ran our 5 year terminal value models on all 5 firms using a fixed growth rate to show the relative payoffs of each investment.

Firm Value/Share ($) Equity Value/Share ($) SR CAGR LR CAGR Implied ROI (%)
ticker
CME 1468.880758 422.892487 0.25 0.01 153.092637
ICE 599.636878 196.679588 0.25 0.01 92.690887
CBOE 680.433844 207.933418 0.25 0.01 148.278709
NDAQ 615.777091 257.690361 0.25 0.01 100.677799

PART 2: Appendix & Calculations

Company Profile

0
symbol CME
price 167.09
beta 0.33436
volAvg 1552047
mktCap 59922985000
lastDiv 3.2
range 131.8-225.36
changes 0.39
companyName CME Group Inc
currency USD
cik 0001156375
isin US12572Q1058
cusip 12572Q105
exchange Nasdaq Global Select
exchangeShortName NASDAQ
industry Financial Data & Stock Exchanges
website http://www.cmegroup.com
description CME Group, Inc. operates as a security and com...
ceo Hon. Terrence Duffy
sector Financial Services
country US
fullTimeEmployees 4360
phone 13129301000
address 20 S Wacker Dr
city Chicago
state ILLINOIS
zip 60606
dcfDiff 663.14
dcf 174.331
image https://financialmodelingprep.com/image-stock/...
ipoDate 2002-12-06
defaultImage False
Market Price Today:  197.5248

Compare Historical Fundamentals

FORMULAS FOR ALL RATIOS: https://financialmodelingprep.com/developer/docs/formula/

Comparing Returns

Prices

Big Comp Table

Revenue Per Share

Net Income Per Share

Free Cash Flow Per Share

Tangible Book Value Per Share

Shareholders Equity Per Share

Interest Payments + Debt Per Share

Market Cap

Enterprise Value (EV)

Price to Earnings (PE) Ratio

Price to Sales Ratio

Enterprise Value to Sales

EV / EBITDA

EV to Operating Cash Flow

EV to Free Cash Flow

Debt to Equity

Debt to Assets

Net Debt to EBITDA

Current Ratio

Capex to Operating Cash Flow

Capex to Revenue

Capex to Depreceation

Stock Based Compensation to Revenue

Grahams Number

Return on Invested Capital (ROIC)

Return on Tangible Assets

Working Capital

Tangible Asset Value

Invested Capital

Average Receivables (amounts owed to the business, regarded as assets)

Working Capital

Tangible Asset Value

Invested Capital

Average Receivables (amounts owed to the business, regarded as assets)

Finviz Data Scraper Z-Scores

Ticker Company Sector Industry Country Index P/E EPS (ttm) Insider Own Shs Outstand Perf Week Market Cap Forward P/E EPS next Y Insider Trans Shs Float Perf Month Income PEG EPS next Q Inst Own Short Float Perf Quarter Sales P/S EPS this Y Inst Trans Short Ratio Perf Half Y Book/sh P/B ROA Target Price Perf Year Cash/sh P/C EPS next 5Y ROE 52W Range Perf YTD Dividend P/FCF EPS past 5Y ROI 52W High Beta Dividend % Quick Ratio Sales past 5Y Gross Margin 52W Low ATR Employees Current Ratio Sales Q/Q Oper. Margin RSI (14) Volatility Optionable Debt/Eq EPS Q/Q Profit Margin Rel Volume Prev Close Shortable LT Debt/Eq Earnings Payout Avg Volume Price Recom SMA20 SMA50 SMA200 Volume Change
0 CME CME Group Inc. Financial Financial Data & Stock Exchanges USA S&P 500 25.15 6.63 0.30% 357.69M -1.65% 60.31B 23.79 0.49% -2.88% 353.65M -0.83% 2.38B 5.84 1.43 87.30% 1.55% -0.31% 5.12B 11.78 3.50% 0.01% 3.53 -11.02% 74.95 2.22 2.30% 177.58 -20.60% 4.13 40.38 4.31% 8.90% 131.80 - 225.36 -16.95% 3.40 58.38 12.00% 6.70% -25.86% 0.34 2.04% 1.00 9.40% - 26.78% 3.42 4360 1.00 -7.10% 55.80% 46.15 1.75% 2.05% Yes 0.13 -2.10% 46.40% 0.72 166.70 Yes 0.13 Oct 28 BMO 48.20% 1.55M 167.09 2.50 -0.47% -1.40% -7.94% 1,118,077 0.23%
1 ICE Intercontinental Exchange, Inc. Financial Financial Data & Stock Exchanges USA S&P 500 26.50 3.86 0.30% 546.00M 1.45% 57.45B 21.75 6.38% -20.72% 537.26M 1.77% 2.15B 2.81 0.98 87.90% 1.00% 10.76% 5.59B 10.28 0.20% 0.03% 1.77 16.13% 31.05 3.30 1.90% 113.38 9.66% 1.57 65.28 9.44% 12.60% 63.51 - 106.99 10.55% 1.20 30.69 15.20% 8.60% -4.60% 0.61 1.17% 1.00 11.00% - 60.71% 2.07 6423 1.00 7.50% 52.90% 53.07 1.53% 1.97% Yes 0.50 14.20% 38.50% 0.71 102.31 Yes 0.45 Oct 29 BMO 29.60% 3.03M 102.07 1.80 1.52% 0.63% 8.56% 2,143,818 -0.23%
2 CBOE Cboe Global Markets, Inc. Financial Financial Data & Stock Exchanges USA S&P 500 18.57 4.56 0.52% 108.76M -0.37% 9.20B 16.95 -3.50% 0.00% 107.79M -5.61% - 7.14 1.07 85.96% 1.20% -8.97% 3.06B 3.00 9.30% - 1.58 -13.64% 28.09 3.01 - 97.38 -26.48% - - 2.60% - 72.01 - 127.93 -29.52% 1.68 - 21.47% - -34.53% - 1.99% - - - 16.30% 2.16 823 - 40.00% - 34.68 1.42% 2.56% Yes - 28.70% - 1.36 84.58 Yes - Oct 30 BMO - 820.22K 83.75 2.60 -4.32% -5.51% -15.76% 1,114,847 -0.98%
3 NDAQ Nasdaq, Inc. Financial Financial Data & Stock Exchanges USA S&P 500 26.69 4.78 0.20% 164.10M 3.80% 20.89B 21.51 0.24% -9.60% 114.22M -0.40% 797.00M 2.95 1.45 78.20% 1.83% 0.49% 4.91B 4.25 3.90% 0.12% 2.75 17.86% 35.06 3.64 5.70% 138.79 30.36% 5.60 22.78 9.05% 14.40% 71.66 - 137.94 19.19% 1.96 25.60 14.10% 8.90% -6.91% 0.81 1.54% 1.10 4.00% 54.50% 79.19% 2.83 4296 1.10 31.80% 21.90% 57.96 1.30% 2.30% Yes 0.61 39.30% 16.20% 0.54 127.65 Yes 0.61 Oct 21 BMO 39.20% 759.62K 128.41 2.40 3.74% 0.49% 10.87% 409,820 0.60%

Historical Financial Statements

Income Statement

Year fillingDate acceptedDate period revenue costOfRevenue grossProfit grossProfitRatio researchAndDevelopmentExpenses generalAndAdministrativeExpenses sellingAndMarketingExpenses otherExpenses operatingExpenses costAndExpenses interestExpense depreciationAndAmortization ebitda ebitdaratio operatingIncome operatingIncomeRatio totalOtherIncomeExpensesNet incomeBeforeTax incomeBeforeTaxRatio incomeTaxExpense netIncome netIncomeRatio eps epsdiluted weightedAverageShsOut weightedAverageShsOutDil link finalLink
0 2019 2020-02-28 00:00:00 2020-02-28 14:00:27 FY 4868000000 0 0 1 0 1525000000 0 281900000 2280200000 2280200000 178000000 4.733e+08 3341600000 0.686442 2587800000 0.531594 -534900000 2689600000 0.552506 573800000 2116500000 0.434778 5.90807 5.90807 358239000 358239000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
1 2018 2019-02-28 00:00:00 2019-02-28 16:41:26 FY 4309400000 0 0 1 0 1126100000 0 327000000 1701800000 1701800000 157700000 248700000 3182700000 0.738548 2607600000 0.605096 -570000000 2777800000 0.644591 814100000 1962200000 0.45533 5.70843 5.70843 343737000 343737000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
2 2017 2018-03-01 00:00:00 2018-02-28 18:15:07 FY 3644700000 0 0 1 0 929400000 0 196200000 1334100000 1334100000 117000000 208500000 2851800000 0.782451 2310600000 0.633962 -328200000 2526300000 0.693143 -1537100000 4063400000 1.11488 11.9432 11.9432 340226000 340226000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
3 2016 2017-02-27 00:00:00 2017-02-27 16:01:59 FY 3595200000 0 0 1 0 921000000 0 248400000 1394700000 1394700000 123500000 2.253e+08 2636400000 0.733311 2200500000 0.612066 -41400000 2287600000 0.636293 753500000 1534100000 0.426708 4.52582 4.52582 338966000 338966000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
4 2015 2016-02-26 00:00:00 2016-02-26 17:37:16 FY 3326800000 0 0 1 0 985100000 0 124400000 1338100000 1338100000 117400000 228600000 2302800000 0.692197 1988700000 0.597782 -42800000 1956800000 0.588193 709800000 1247000000 0.374835 3.69051 3.69051 337894000 337894000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
5 2014 2015-02-26 2015-02-26 17:22:18 FY 3112500000 0 0 1 0 982300000 0 128600000 1344100000 1344100000 119400000 233200000 2124200000 0.682474 1768400000 0.568161 1.8e+06 1771400000 0.569124 644500000 1127100000 0.36212 3.35384 3.35384 336063000 336063000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
6 2013 2014-03-03 2014-02-28 18:30:52 FY 2936300000 0 0 1 0 914300000 0 146900000 1299300000 1299300000 151400000 238100000 1989200000 0.677451 1637000000 0.557504 0 1601000000 0.545244 622900000 976800000 0.332664 2.92105 2.92105 334400000 334400000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
7 2012 2013-03-01 00:00:00 2013-02-28 19:54:19 FY 2914600000 0 0 1 0 873900000 0 95600000 1222600000 1222600000 132200000 2.531e+08 2068300000 0.709634 1692000000 0.580526 64300000 1693400000 0.581006 786700000 896300000 0.307521 2.69726 2.69726 332300000 332300000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
8 2011 2012-02-28 00:00:00 2012-02-27 19:36:03 FY 3280600000 0 0 1 0 858600000 0 140400000 1259500000 1259500000 116900000 260500000 2311800000 0.704688 2021100000 0.616076 0 1936500000 0.590288 122100000 1812300000 0.552429 5.4293 5.4293 333800000 333800000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
9 2010 2011-02-28 2011-02-28 17:30:03 FY 3003700000 0 0 1 0 798200000 0 117000000 1174800000 1174800000 140300000 258000000 2119500000 0.70563 1828900000 0.608882 0 1721900000 0.57326 769800000 951400000 0.316743 2.86135 2.86135 332500000 332500000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
10 2009 2010-02-26 00:00:00 2010-02-26 17:26:57 FY 2612800000 0 0 1 0 694800000 0 72200000 1069700000 1069700000 -109500000 2.514e+08 1578700000 0.604218 1543100000 0.590592 3.9e+06 1437500000 0.550176 611000000 825800000 0.316059 2.48212 2.48212 332700000 332700000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
11 2008 2009-03-02 00:00:00 2009-03-02 14:50:46 FY 2561000000 0 0 1 0 643100000 0 94900000 1253300000 1253300000 -64100000 236000000 1419878000 0.554423 1307700000 0.510621 4.4e+06 1248000000 0.48731 532478000 715500000 0.279383 2.42707 2.42707 294800000 294800000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
12 2007 2008-02-28 2008-02-27 21:14:31 FY 1756100000 0 0 1 0 557200000 0 2370112000 705600000 705600000 114453000 139600000 1349822000 0.768648 1050500000 0.598201 -17200000 1095800000 0.623996 437269000 658500000 0.374979 2.98639 2.98639 220500000 220500000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
13 2006 2007-03-01 2007-02-28 20:47:10 FY 1089900000 0 0 1 0 396300000 16740000 0 469100000 469100000 92103000 74100000 837812000 0.768705 620900000 0.569685 0 671700000 0.616295 264309000 407300000 0.373704 2.31948 2.31948 175600000 175600000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
14 2005 2006-03-06 2006-03-06 17:27:57 FY 977300000 56800000 920500000 0.941881 0 347200000 0 0 4.121e+08 4.689e+08 0 6.56e+07 365593000 0.374085 508400000 0.520209 0 508400000 0.520209 -6.907e+06 306900000 0.314028 1.76177 1.76177 174200000 174200000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
15 2004 2005-03-10 2005-03-10 17:24:54 FY 752800000 19000000 733800000 0.974761 0 312700000 0 0 366100000 385100000 0 53800000 270813000 0.359741 367700000 0.488443 0 367700000 0.488443 -2.587e+06 219600000 0.291711 1.276 1.276 172100000 172100000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
16 2003 2004-03-11 2004-03-11 13:35:36 FY 544800000 8.7e+06 536000000 0.983847 0 276900000 0 0 330000000 338700000 0 53000000 174369000 0.320061 206100000 0.378304 0 206100000 0.378304 -731000 122100000 0.224119 0.71951 0.71951 169700000 169700000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
17 2002 2003-03-21 00:00:00 2003-03-21 16:58:23 FY 469100000 15900000 453200000 0.966105 0 244200000 0 0 299000000 314900000 0 48500000 142563000 0.303907 154200000 0.328715 0 154200000 0.328715 -37000 94100000 0.200597 0.62608 0.62608 150300000 150300000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
18 2001 2002-03-28 00:00:00 2002-03-28 00:00:00 FY 396600000 9.5e+06 387200000 0.976299 0 235100000 0 0 272800000 282300000 0 37600000 152000000 0.383258 114400000 0.288452 0 114400000 0.288452 46100000 68300000 0.172214 0.42929 0.42929 159100000 159100000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
19 2000 None None FY 226600000 0 226600000 1 0 201100000 0 0 234600000 234600000 -1.2e+06 33500000 23100000 0.101942 -8.1e+06 -0.035746 0 -9.2e+06 -0.0406 -3.3e+06 -5.9e+06 -0.026037 -0.03708 -0.03708 159100000 159100000 None None
20 1999 None None FY 210600000 0 210600000 1 0 178700000 0 0 204000000 204000000 -2.1e+06 25300000 27800000 0.132004 6.6e+06 0.031339 0 4.5e+06 0.021368 1.9e+06 2.7e+06 0.012821 0.01697 0.01697 159100000 159100000 None None
21 1998 None None FY 197200000 0 197200000 1 0 165000000 0 0 183000000 183000000 -2.8e+06 0 8.5e+06 0.043103 14200000 0.072008 0 11300000 0.057302 4.3e+06 7e+06 0.035497 0.044 0.044 159100000 159100000 None None
22 1997 None None FY 177600000 0 177600000 1 0 141900000 0 0 158600000 158600000 0 0 15700000 0.088401 19100000 0.107545 0 19100000 0.107545 7e+06 8.7e+06 0.048986 0.05468 0.05468 159100000 159100000 None None

Revenues

EPS

Cost Components

Shares Outstanding

make_multi_LineGraph(float_g, True)

Revenue streams as a portion of total income

make_multi_LineGraph(ratios_g, False)
make_multi_LineGraph(ratios_g, True)

Balance Sheet

Year fillingDate acceptedDate period cashAndCashEquivalents shortTermInvestments cashAndShortTermInvestments netReceivables inventory otherCurrentAssets totalCurrentAssets propertyPlantEquipmentNet goodwill intangibleAssets goodwillAndIntangibleAssets longTermInvestments taxAssets otherNonCurrentAssets totalNonCurrentAssets otherAssets totalAssets accountPayables shortTermDebt taxPayables deferredRevenue otherCurrentLiabilities totalCurrentLiabilities longTermDebt deferredRevenueNonCurrent deferredTaxLiabilitiesNonCurrent otherNonCurrentLiabilities totalNonCurrentLiabilities otherLiabilities totalLiabilities commonStock retainedEarnings accumulatedOtherComprehensiveIncomeLoss othertotalStockholdersEquity totalStockholdersEquity totalLiabilitiesAndStockholdersEquity totalInvestments totalDebt netDebt link finalLink
0 2019 2020-02-28 00:00:00 2020-02-28 14:00:27 FY 1551400000 83200000 1634600000 491800000 0 37441400000 39567800000 1058600000 10742500000 22293000000 33035500000 1018600000 5635200000 534800000 35647500000 37976200000 75215300000 61900000 0 0 5635000000 38410900000 38522500000 3834700000 0 5635200000 1063600000 10563900000 1063600000 49086400000 3.6e+06 5008700000 3.4e+06 2.6e+06 26128900000 75215300000 1101800000 3842100000 2290700000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
1 2018 2019-02-28 00:00:00 2019-02-28 16:41:26 FY 1374500000 72900000 1447400000 553300000 0 39886000000 41886700000 448700000 10805300000 22675400000 33480700000 1031600000 5665900000 628000000 35589000000 40514000000 77475700000 116000000 0 0 5665000000 40582400000 41272600000 3826800000 0 5665900000 745100000 10284600000 745100000 51557200000 3.6e+06 4855300000 5.3e+06 5.2e+06 25918500000 77475700000 1104500000 4401000000 3026500000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
2 2017 2018-03-01 00:00:00 2018-02-28 18:15:07 FY 1903600000 90100000 1993700000 359700000 0 44553100000 46906500000 399700000 7569000000 19521600000 27090600000 999000000 4857700000 395400000 28884700000 44948500000 75791200000 31300000 0 0 4857000000 45641600000 45672900000 2233100000 0 4857700000 615700000 7706500000 615700000 53379400000 3.4e+06 4497200000 14300000 13700000 22411800000 75791200000 1089100000 2233100000 329500000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
3 2016 2017-02-27 00:00:00 2017-02-27 16:01:59 FY 1868600000 83300000 1951900000 364400000 0 37715200000 40031500000 425200000 7569000000 19617100000 27186100000 991900000 7291000000 734700000 29337900000 38449900000 69369400000 26200000 0 0 7291000000 38919400000 38945600000 2231200000 0 7291000000 560900000 10083100000 560900000 49028700000 3.4e+06 2524500000 -14100000 5.4e+06 20340700000 69369400000 1075200000 2231200000 362600000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
4 2015 2016-02-26 00:00:00 2016-02-26 17:37:16 FY 1692600000 72500000 1765100000 357800000 0 35781600000 37904500000 491700000 7569000000 19713200000 27282200000 0 7358300000 1681000000 29454900000 37462600000 67359400000 28700000 0 0 7358000000 36795800000 36824500000 2229300000 0 7358300000 395500000 9983100000 395500000 46807600000 3.4e+06 2907600000 -80800000 14200000 20551800000 67359400000 72500000 2229300000 536700000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
5 2014 2015-02-26 2015-02-26 17:22:18 FY 1366100000 74700000 1440800000 341200000 0 40763300000 42545300000 508900000 7569000000 19812700000 27381700000 991200000 7302700000 808200000 29696200000 41571500000 72241500000 36900000 0 0 7302000000 41494300000 41531200000 2107900000 0 -7302700000 376200000 9786800000 376200000 51318000000 3.4e+06 3317300000 6.2e+06 29100000 20923500000 72241500000 1065900000 2107900000 741800000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
6 2013 2014-03-03 2014-02-28 18:30:52 FY 2470000000 68000000 2538000000 303000000 0 21565000000 24406000000 513000000 7569000000 19917000000 27486000000 991000000 7250000000 882000000 29872000000 22447000000 54278000000 36000000 0 0 7249000000 22525000000 23311000000 2107000000 0 -7249700000 449000000 9812000000 449000000 33123000000 3e+06 3495000000 152000000 53000000 21155000000 54278000000 1059000000 2857000000 387000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
7 2012 2013-03-01 00:00:00 2013-02-28 19:54:19 FY 1605000000 57000000 1661000000 268000000 0 6789000000 8718000000 724000000 7567000000 20029000000 27596000000 991000000 7413000000 835000000 30145000000 7624000000 38863000000 42000000 0 0 7413000000 6826000000 7617000000 2107000000 0 -7413300000 221000000 9827000000 221000000 17444000000 3e+06 3993000000 418000000 209000000 21419000000 38863000000 1048000000 2857000000 1252000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
8 2011 2012-02-28 00:00:00 2012-02-27 19:36:03 FY 1042000000 48000000 1090000000 289000000 0 9567000000 10946000000 822000000 7984000000 20363000000 28347000000 0 7227000000 645000000 29813000000 10212000000 40759000000 31000000 0 0 0 9584000000 9615000000 2107000000 0 -7226800000 188000000 9592000000 188000000 19207000000 1e+06 4325000000 111000000 -37000000 21552000000 40759000000 48000000 2107000000 1065000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
9 2010 2011-02-28 2011-02-28 17:30:03 FY 855000000 50000000 905000000 309000000 0 4174000000 5388000000 787000000 7984000000 20503000000 28487000000 344000000 7840000000 42000000 29658000000 4181000000 35046000000 52000000 0 0 0 4168000000 4781000000 2105000000 0 7840400000 192000000 10205000000 192000000 14986000000 1e+06 2886000000 -104000000 -110000000 20060000000 35046000000 394000000 2525000000 1670000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
10 2009 2010-02-26 00:00:00 2010-02-26 17:26:57 FY 261000000 43000000 303000000 276000000 0 6120000000 6699000000 739000000 7549000000 20237000000 27786000000 371000000 7646000000 56000000 28952000000 6139000000 35651000000 47000000 0 0 0 6078000000 6524000000 2015000000 0 0 166000000 9826000000 166000000 16350000000 1e+06 2240000000 -546000000 -127000000 19301000000 35651000000 414000000 2315000000 2054000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
11 2008 2009-03-02 00:00:00 2009-03-02 14:50:46 FY 298000000 310000000 608000000 267000000 0 18237000000 19112000000 707000000 7519000000 20351000000 27870000000 358000000 7728000000 111000000 29047000000 18313000000 48159000000 71000000 0 0 0 18179000000 18643000000 2966000000 0 0 133000000 10827000000 133000000 29470000000 1e+06 1720000000 -320000000 -160000000 18689000000 48159000000 668000000 3216000000 2918000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
12 2007 2008-02-28 2008-02-27 21:14:31 FY 845000000 203000000 1049000000 198000000 0 3740000000 4987000000 377000000 5049000000 9784000000 14833000000 19000000 3848000000 90000000 15319000000 3806000000 20306000000 59000000 0 0 0 3734000000 4076000000 0 0 0 76000000 3925000000 76000000 8001000000 1e+06 1619000000 -6e+06 -3e+06 12306000000 20306000000 222000000 164000000 -681000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
13 2006 2007-03-01 2007-02-28 20:47:10 FY 970000000 251000000 1220000000 121000000 0 2689000000 4030000000 169000000 0 0 0 0 0 107000000 277000000 2796000000 4307000000 26000000 0 0 0 2730000000 2755000000 0 0 0 32000000 32000000 32000000 2787000000 0 1116000000 -6e+06 -3e+06 1519000000 4307000000 251000000 0 -970000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
14 2005 2006-03-06 2006-03-06 17:27:57 FY 611000000 293000000 904000000 87000000 0 2792000000 3783000000 153000000 0 0 0 0 0 33000000 186000000 2826000000 3969000000 24000000 0 0 0 2806000000 2830000000 0 0 0 21000000 21000000 21000000 2851000000 0 796000000 -6e+06 -3e+06 1119000000 3969000000 293000000 0 -611000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
15 2004 2005-03-10 2005-03-10 17:24:54 FY 358000000 390000000 748000000 79000000 0 1868000000 2695000000 131000000 0 0 0 0 0 31000000 162000000 1900000000 2857000000 23000000 0 0 0 2003000000 2026000000 0 0 0 19000000 19000000 19000000 2045000000 0 553000000 -4e+06 -2e+06 813000000 2857000000 390000000 0 -358000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
16 2003 2004-03-11 2004-03-11 13:35:36 FY 185000000 627000000 812000000 53000000 0 3858000000 4723000000 118000000 0 0 0 0 0 31000000 150000000 3889000000 4873000000 25000000 0 0 0 4263000000 4288000000 0 0 0 22000000 22000000 22000000 4310000000 0 368000000 -2e+06 -1e+06 563000000 4873000000 627000000 0 -185000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
17 2002 2003-03-21 00:00:00 2003-03-21 16:58:23 FY 339000000 0 339000000 51000000 0 2825000000 3215000000 110000000 0 0 0 0 0 30000000 140000000 2855000000 3355000000 28000000 0 0 0 2862000000 2889000000 2e+06 0 0 17000000 20000000 17000000 2909000000 0 267000000 -2e+06 -1e+06 446000000 3355000000 0 2e+06 -337000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
18 2001 2002-03-28 00:00:00 2002-03-28 00:00:00 FY 69000000 92000000 161000000 41000000 0 1744000000 1946000000 101000000 0 0 0 0 0 20000000 121000000 1764000000 2067000000 24000000 0 0 0 1778000000 1802000000 7e+06 0 0 10000000 17000000 10000000 1819000000 0 190000000 -2e+06 -1e+06 248000000 2067000000 92000000 7e+06 -62000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
19 2000 None None FY 31000000 44000000 75000000 29000000 0 163000000 267000000 80000000 0 0 0 0 0 34000000 114000000 198000000 381000000 12000000 0 0 0 186000000 198000000 6e+06 0 0 13000000 20000000 13000000 218000000 0 120000000 -157000000 0 164000000 381000000 44000000 6e+06 -25000000 None None

Assets

Investment and Cash Equivalents

Liabilities

Liabilities Vs Equity

Cash Flows

Year fillingDate acceptedDate period netIncome depreciationAndAmortization deferredIncomeTax stockBasedCompensation changeInWorkingCapital accountsReceivables inventory accountsPayables otherWorkingCapital otherNonCashItems netCashProvidedByOperatingActivities investmentsInPropertyPlantAndEquipment acquisitionsNet purchasesOfInvestments salesMaturitiesOfInvestments otherInvestingActivites netCashUsedForInvestingActivites debtRepayment commonStockIssued commonStockRepurchased dividendsPaid otherFinancingActivites netCashUsedProvidedByFinancingActivities effectOfForexChangesOnCash netChangeInCash cashAtEndOfPeriod cashAtBeginningOfPeriod operatingCashFlow capitalExpenditure freeCashFlow link finalLink
0 2019 2020-02-28 00:00:00 2020-02-28 14:00:27 FY 2115800000 4.733e+08 -3.7e+06 73100000 -22700000 60800000 0 -54100000 1045300000 110100000 2672800000 -245600000 0 -15000000 18800000 74200000 -152600000 -569200000 0 0 -1695900000 1475700000 -2340800000 0 179400000 1553900000 1374500000 2672800000 -245600000 2427200000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
1 2018 2019-02-28 00:00:00 2019-02-28 16:41:26 FY 1963700000 248700000 114300000 96500000 61000000 -65500000 0 32300000 614100000 53100000 2440800000 -116700000 -1795400000 -10000000 11800000 10700000 -1889600000 -452500000 0 11500000 -2149900000 2896900000 -1080000000 0 -528800000 1374800000 1903600000 2440800000 -116700000 2324100000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
2 2017 2018-03-01 00:00:00 2018-02-28 18:15:07 FY 4063400000 208500000 -2445600000 58000000 -105400000 6e+06 0 5.1e+06 1233600000 30200000 1751100000 -81900000 0 -5.3e+06 22100000 245000000 179900000 0 0 36700000 -1993500000 1911800000 -1985300000 0 -54300000 1814300000 1868600000 1751100000 -81900000 1669200000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
3 2016 2017-02-27 00:00:00 2017-02-27 16:01:59 FY 1534100000 2.253e+08 -83000000 66200000 13000000 -8.1e+06 0 -2.6e+06 1085900000 42600000 1732000000 -91800000 0 -9.1e+06 41700000 112900000 53700000 0 0 51800000 -1787200000 2062100000 -1620500000 0 165200000 1857800000 1692600000 1732000000 -91800000 1640200000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
4 2015 2016-02-26 00:00:00 2016-02-26 17:37:16 FY 1247000000 228600000 63300000 60800000 -149600000 -17300000 0 -8.2e+06 1080000000 126000000 1515300000 -114200000 0 -16700000 38300000 110500000 17900000 -673000000 0 64000000 -1343400000 2502300000 -1206700000 0 326500000 1692600000 1366100000 1515300000 -114200000 1401100000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
5 2014 2015-02-26 2015-02-26 17:22:18 FY 1126900000 233200000 78900000 54800000 -193800000 -38500000 0 700000 1014100000 46200000 1291400000 -140700000 0 -59300000 37500000 -36600000 -199100000 -750000000 0 53300000 -1496800000 1417000000 -2195900000 0 -1103600000 1366400000 2470000000 1291400000 -140700000 1150700000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
6 2013 2014-03-03 2014-02-28 18:30:52 FY 978100000 238100000 -6e+06 54400000 -9.2e+06 -35500000 0 -5.5e+06 1094600000 79500000 1280500000 -125600000 0 -36000000 36500000 279600000 190500000 -750000000 0 73700000 -599100000 743100000 -606000000 0 865000000 2470000000 1605000000 1280500000 -125600000 1154900000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
7 2012 2013-03-01 00:00:00 2013-02-28 19:54:19 FY 906700000 2.531e+08 82200000 61400000 -2.4e+06 -300000 0 11200000 1101000000 -22800000 1216800000 -141800000 -162900000 -32000000 29500000 69200000 -206000000 0 0 22100000 -1224300000 775900000 -448400000 0 562400000 1604400000 1042000000 1216800000 -141800000 1075000000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
8 2011 2012-02-28 00:00:00 2012-02-27 19:36:03 FY 1814400000 260500000 -658700000 51300000 -142300000 -13200000 0 -21000000 1330600000 72400000 1346300000 -172200000 0 -220400000 11300000 227700000 -153600000 -420500000 0 -214600000 -372800000 8.1e+06 -1005600000 0 187100000 1042100000 855000000 1346300000 -172200000 1174100000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
9 2010 2011-02-28 2011-02-28 17:30:03 FY 952100000 258000000 22300000 40900000 40500000 -28700000 0 6.1e+06 606300000 83500000 1356400000 -160000000 -19600000 -575300000 11900000 634600000 -108400000 -200100000 0 44400000 -305300000 427300000 -653400000 0 594600000 855600000 261000000 1356400000 -160000000 1196400000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
10 2009 2010-02-26 00:00:00 2010-02-26 17:26:57 FY 825800000 2.514e+08 -56900000 33000000 -31800000 -14000000 0 -24000000 176000000 94600000 1083100000 0 0 -159000000 439000000 0 544800000 0 0 -5.2e+06 -305600000 0 -1665200000 0 -37300000 260700000 298000000 1083100000 -157900000 925200000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
11 2008 2009-03-02 00:00:00 2009-03-02 14:50:46 FY 715500000 236000000 -115100000 0 -34900000 0 0 0 468553000 395700000 1197200000 0 0 -45195000 0 0 -3749100000 665390000 0 -202000000 -615200000 0 2004500000 0 -547400000 297600000 845000000 1197200000 -200100000 997100000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
12 2007 2008-02-28 2008-02-27 21:14:31 FY 658500000 139600000 -50600000 22846000 4e+06 -49926000 0 4.594e+06 910992000 62900000 814400000 0 0 -129125000 0 0 -78600000 0 0 -908900000 -151600000 0 -859900000 0 -124200000 845800000 970000000 814400000 -166700000 647700000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
13 2006 2007-03-01 2007-02-28 20:47:10 FY 407300000 74100000 -24800000 16359000 -9.1e+06 -35878000 0 1.621e+06 1274898000 24300000 471700000 0 -17651000 -29681000 0 0 -85900000 0 0 16400000 -87500000 0 -27200000 0 358600000 969600000 611000000 471700000 -90400000 381300000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
14 2005 2006-03-06 2006-03-06 17:27:57 FY 306900000 6.56e+07 -3.2e+06 0 -39300000 14000 0 0 525846000 61600000 391600000 0 0 1.853e+06 0 0 -82300000 0 0 7.3e+06 -63300000 0 -55900000 0 253300000 611300000 358000000 391600000 -86700000 304900000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
15 2004 2005-03-10 2005-03-10 17:24:54 FY 219600000 53800000 4.3e+06 0 -17400000 -14000 0 0 274293000 68600000 328800000 0 0 2.368e+06 0 0 -125800000 0 0 6e+06 -35100000 0 -30500000 0 172400000 357400000 185000000 328800000 -72400000 256400000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
16 2003 2004-03-11 2004-03-11 13:35:36 FY 122100000 53000000 3.3e+06 0 -600000 0 0 0 385583000 13300000 191100000 0 0 -176745000 0 0 -327100000 0 0 7.9e+06 -20600000 0 -18200000 0 -154100000 184900000 339000000 191100000 -63000000 128100000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
17 2002 2003-03-21 00:00:00 2003-03-21 16:58:23 FY 94100000 48500000 -5.6e+06 0 -100000 0 0 0 120940000 4.3e+06 141100000 0 0 0 0 0 34400000 0 0 117500000 -17300000 0 94700000 0 270200000 339200000 69000000 141100000 -56300000 84800000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
18 2001 2002-03-28 00:00:00 2002-03-28 00:00:00 FY 68300000 37600000 -8.9e+06 0 6.3e+06 -12000000 0 -12000000 0 17200000 120600000 0 0 0 0 0 -78200000 0 0 0 0 0 -3.9e+06 0 38400000 69400000 31000000 120600000 -30400000 90200000 https://www.sec.gov/Archives/edgar/data/115637... https://www.sec.gov/Archives/edgar/data/115637...
19 2000 None None FY -5.9e+06 33500000 800000 0 -1.7e+06 0 0 0 0 6.3e+06 33000000 0 0 0 0 0 -13000000 0 0 0 0 0 -3.6e+06 0 16400000 16400000 0 33000000 -25200000 7.8e+06 None None
20 1999 None None FY 2.7e+06 25300000 5.1e+06 0 -4.1e+06 0 0 0 0 2.2e+06 31200000 0 0 0 0 0 -29100000 0 0 0 0 0 -2.7e+06 0 -600000 1373900000 1374500000 31200000 -55300000 -24100000 None None

Outflows

Other Cash Flows

Modelling and Forecasting

"All models are wrong, but some are usefull"

DCF Analysis

DCF Models With a Shock to Growth in Year 1

DCF Under multiple growth rates

growth_range_dcf
Firm Value/Share ($) Equity Value/Share ($) SR CAGR LR CAGR Implied ROI (%) Annual Growth Rate (%)
1 516.724 148.765 0.01 0.01 -10.9669 1.00000
2 550.458 158.478 0.0232019 0.01 -5.15436 2.32019
3 585.955 168.697 0.0364038 0.01 0.961865 3.64038
4 623.283 179.444 0.0496057 0.01 7.39363 4.96057
5 662.513 190.738 0.0628076 0.01 14.1531 6.28076
6 703.717 202.601 0.0760095 0.01 21.2526 7.60095
7 746.969 215.053 0.0892114 0.01 28.705 8.92114
8 792.344 228.117 0.102413 0.01 36.5234 10.24133
9 839.921 241.814 0.115615 0.01 44.721 11.56152
10 889.78 256.169 0.128817 0.01 53.3117 12.88171
11 942 271.203 0.142019 0.01 62.3095 14.20190
12 996.666 286.941 0.155221 0.01 71.7287 15.52209
13 1053.86 303.409 0.168423 0.01 81.584 16.84228
14 1113.68 320.63 0.181625 0.01 91.8905 18.16247
15 1176.2 338.631 0.194827 0.01 102.664 19.48266
16 1241.53 357.437 0.208029 0.01 113.919 20.80285
17 1309.74 377.076 0.22123 0.01 125.673 22.12304
18 1380.95 397.576 0.234432 0.01 137.941 23.44323
19 1455.23 418.964 0.247634 0.01 150.741 24.76342
20 1532.71 441.268 0.260836 0.01 164.09 26.08361
21 1613.47 464.519 0.274038 0.01 178.005 27.40380
22 1697.62 488.746 0.28724 0.01 192.505 28.72399
23 1785.26 513.98 0.300442 0.01 207.607 30.04418
24 1876.52 540.251 0.313644 0.01 223.329 31.36437
25 1971.48 567.592 0.326846 0.01 239.692 32.68456
26 2070.28 596.035 0.340048 0.01 256.715 34.00475
27 2173.01 625.613 0.353249 0.01 274.417 35.32494
28 2279.81 656.359 0.366451 0.01 292.818 36.64513
29 2390.78 688.309 0.379653 0.01 311.939 37.96532
30 2506.06 721.497 0.392855 0.01 331.802 39.28551
31 2625.76 755.959 0.406057 0.01 352.426 40.60570
32 2750.01 791.732 0.419259 0.01 373.836 41.92589
33 2878.95 828.852 0.432461 0.01 396.051 43.24608
34 3012.69 867.357 0.445663 0.01 419.096 44.56627
35 3151.38 907.286 0.458865 0.01 442.993 45.88646
36 3295.15 948.678 0.472067 0.01 467.765 47.20665
37 3444.15 991.574 0.485268 0.01 493.437 48.52684
38 3598.5 1036.01 0.49847 0.01 520.033 49.84703
39 3758.36 1082.04 0.511672 0.01 547.577 51.16722
40 3923.87 1129.69 0.524874 0.01 576.095 52.48741
41 4095.18 1179.01 0.538076 0.01 605.613 53.80760
42 4272.45 1230.04 0.551278 0.01 636.156 55.12779
43 4455.82 1282.84 0.56448 0.01 667.751 56.44798
44 4645.45 1337.43 0.577682 0.01 700.426 57.76817
45 4841.51 1393.88 0.590884 0.01 734.207 59.08836
46 5044.15 1452.22 0.604085 0.01 769.122 60.40855
47 5253.54 1512.5 0.617287 0.01 805.2 61.72874
48 5469.84 1574.77 0.630489 0.01 842.47 63.04893
49 5693.23 1639.09 0.643691 0.01 880.961 64.36912
50 5923.88 1705.49 0.656893 0.01 920.703 65.68931

Peer DCF

Firm Value/Share ($) Equity Value/Share ($) SR CAGR LR CAGR Implied ROI (%)
ticker
CME 1468.880758 422.892487 0.25 0.01 153.092637
ICE 599.636878 196.679588 0.25 0.01 92.690887
CBOE 680.433844 207.933418 0.25 0.01 148.278709
NDAQ 615.777091 257.690361 0.25 0.01 100.677799